StingRay's discovery-stage programs are progressing specific small-molecule inhibitors of LMTK3 kinase towards clinical application, with the intention of its novel cancer agents targeting this unexploited kinase being applied to diverse cancer types and therapeutics.

In November 2023, StingRay announced it had entered into an agreement with ValiRx Bio to investigate a lead series of drug candidates for use in oncology.

ValiRx will carry out a defined series of pre-clinical tests on the molecules over the following 12 months to validate the technology and determine suitability for commercialization.